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Tail-End Funds
The London-based firm closed its fourth secondaries fund on its £75m hard-cap last year.
Prices for buyout fund interests during the first half of 2014 were in line with the second half of last year, according to Elm Capital.
Partners has acquired 4m square feet of property in Finland and Sweden by buying out the investors of Niam’s 2004-vintage Nordic Fund III.
The Nordic private equity secondaries fund has already acquired an LP stake in EQT Fund V.
Unrealised value in tail-end funds totals $345bn, which means there's room for further growth in the expanding direct secondaries market, according to NYPPEX.
Secondaries fund of funds Montauk Triguard has closed its sixth fund over its target of $400m, stating that the fund was substantially oversubscribed.
NYPPEX estimates that tail-end funds comprised approximately 26 percent, or $6.46 billion, of total secondaries transaction volume in 2013.
The global fund of funds’ figures show there are 200 funds over 10 years old with at least $100m of NAV. That's expected to be a key source of dealflow for secondaries investors.
The restructuring, financed in part by an investor group that includes Landmark and Vision Capital, is seen as a way of providing options to LPs in a fund that has lived beyond its intended life.
The private equity advisor will manage funds that are near the end of their investment cycle, part of a deal also involving Lexington Partners.